With the tax day approaching, everyone gets busy to file their tax return by the deadline, which is April 15. However, there are people who might need more time for preparing their return, because of personal obligations or any other reason, and they can apply for a tax extension. In order to get an extension of six months they need to submit their request to the internal revenue department. Many people consider it to be a lengthy and time consuming process, while in reality it is very easy and simple, provided one is aware of the process and rules involved.
People requiring an extension to file their income tax return need to file the Form 4868. It is the Application for Automatic Extension of Time to File U. S. Individual Income Tax Return and this should be done before April 15. The process of applying for tax extension is very simple and people have the option of either doing it on paper or electronically. Whichever option one selects, he is required to enter some identifying information, such as name, social security number, address etc. Other information required to be submitted includes the estimated tax liability for the year, total payments made, the amount being paid and the due balance. Another thing worth mentioning here is to specify if the person applying for tax extension is a citizen of U. S. or is residing outside of the county.
People generally are not aware of how to apply for a tax extension. Therefore, for the convenience of taxpayers the Form 4868 has been made available on the official website of the IRS, from where it can be downloaded or printed, as per convenience.
Through the electronic filing program introduced by the IRS, people can send their tax forms, along with Form 4868, to the IRS directly. Taxpayers can receive an automatic extension for filing their tax return after filling the form electronically using their personal computer. Another option is to take the services of a tax professional, who can assist them in applying for the extension using e-file. After filling and submitting the form, an acknowledgement is received which should be kept safely in tax records for future use.
For those who do not find it convenient to electronically file for tax extension can opt for the second option, which is on paper. An alternative is available for such people who can apply through a paper Form 4868. The form can be downloaded from the website of the IRS and then printed or a request can be placed to get the paper form delivered through mail. This service is available free of charge and can be availed by filling an order form, also available on the website.
Applying for a tax extension gives people extra time, which can be used for collecting, reviewing, preparing and submitting their tax return, thus taking away the stress and allowing them to complete the entire process thoroughly. Requesting for an extension is quite convenient as well, as people applying for the same are not required to specify any reason for doing so. Once the form has been filled and submitted, the permission is granted automatically. In case the request for tax extension gets denied due to any reason, then the IRS will get in touch with them.